Accuride Reaches Agreement to Acquire Wheel-End Supplier KIC
Commercial vehicle supplier Accuride Corp. has reached an agreement to acquire KIC, a supplier of wheel-end components, and certain of its affiliated entities..
KIC, headquartered in Vancouver, Wash., marks Accuride’s first acquisition since being acquired in 2016 by the private equity firm Crestview Partners.
The transaction is expected to close in the second quarter. Until then, the companies will continue to operate separately, Accurde said. Terms were not disclosed.
Once the acquisition is completed, KIC co-founder Greg Hatton will join Accuride’s board of directors, the company said April 26.
KIC supplies brake drums, rotors, hub and drum assemblies, steel wheels and aluminum wheels for medium- and heavy-duty trucks to both original equipment manufacturers and aftermarket distributors. It designs and tests its own products and partners with contract manufacturers worldwide, Evansville, Ind.-based Accuride said.
Accuride’s products include commercial vehicle wheels and wheel-end components and assemblies, it said.
“Combining the tremendous strengths of KIC and Accuride will enable us to increase competitiveness and expand into new [Asian] market segments,” Accuride CEO Rick Dauch said in a statement. “Our similar product and technology offerings mesh well, while the combination of our highly complementary business models gives us greater capacity and ability to flex up and down in response to industry cycles and customer demand.”
